Leases

12 Months Ended

Mar. 31, 2023

Leases [Abstract]

LEASES

NOTE 7 – LEASES

The Company has 48 operating leases for manufacturing facilities and offices. Some leases include one or more options to renew, which is typically at the Company’s sole discretion. The Company regularly evaluates the renewal options, and, when it is reasonably certain of exercise, it will include the renewal period in its lease term. New lease modifications result in measurement of the right of use (“ROU”) assets and lease liability. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. ROU assets and related lease obligations are recognized at commencement date based on the present value of remaining lease payments over the lease term.

All of the Company’s leases are classified as operating leases and primarily include office space and manufacturing facilities.

Supplemental balance sheet information related to operating leases was as follows:

	March 31, 2023
ROU assets	$	974,761
Operating lease liabilities – current	$	481,502
Operating lease liabilities – non-current		287,247
Total operating lease liabilities	$	768,749

The weighted average remaining lease terms and discount rates for all of operating leases were as follows as of March 31, 2023:

Remaining lease term and discount rate:
Weighted average remaining lease term (years)	1.6
Weighted average discount rate	6.10	%

During the fiscal years ended March 31, 2023 and 2022, the Company incurred total operating lease expenses of $2,696,593 and $2,542,431, respectively.

The following is a schedule, by fiscal years, of maturities of lease liabilities as of March 31, 2023:

2024	$	707,818
2025		227,337
2026		91,825
2027		—
2028		—
Thereafter		—
Total lease payments		1,026,980
Less: imputed interest		(52,219	)
Less: prepayments		(206,012	)
Present value of lease liabilities	$	768,749